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Life Insurance (prudential standard) determination No. 12 of 2012
No longer in force
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Administered by
Department of the Treasury
This item is authorised by the following title:
Life Insurance Act 1995
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F2012L02475
14 December 2012
-
30 June 2023
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Explanatory statement
Supporting material 1
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Table of contents
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Authority
Application
Interpretation
Part A – Contract classification and application
Contract classification and application
Part B – Policy liabilities in respect of life investment contracts
Part C - Principles for the valuation of policy liabilities in respect of life insurance contracts
The principles of the valuation
The valuation of policy liabilities
The best estimate liability
Profit carriers and profit margins
Acquisition expenses
Part D – Methodologies for determining policy liabilities in respect of life insurance contracts
New business - calculation of profit margins and acquisition expense recovery components
Reporting date recalculations - benefits providing no discretionary entitlement to share in the investment experience of assets backing them.
Reporting date recalculations - benefits providing a discretionary entitlement to share in the investment experience of assets backing them
Loss recognition
Reinsurance
Part E – General requirements for all forms of policy and the Appointed Actuaries statement
Allocation of expenses
Materiality
Adjustments and exclusions
Determinations made under previous prudential standards
